National Futures Association to provide regulatory services for Philadelphia Board of Trade

November 2, 2005, Chicago and Philadelphia - National Futures Association (NFA) and The Philadelphia Board of Trade (PBOT), a wholly owned subsidiary of The Philadelphia Stock Exchange (PHLX), today announced that they have entered into an agreement for NFA to provide regulatory services for the electronic futures exchange that PBOT will launch in early 2006.

NFA will perform trade practice and market surveillance activities for PBOT and provide other regulatory services, including investigating and litigating any disciplinary matters that may occur and resolving disputes that may arise.

"We intend to position PBOT as a distinctive market center offering a variety of futures products at a competitive cost," said Walt Smith, PBOT's Vice President of Business Operations. "Outsourcing certain regulatory requirements to NFA demonstrates our commitment to innovation and cost-efficiency."

"NFA is looking forward to providing these services for PBOT's new electronic futures exchange," said NFA President Daniel J. Roth. "This is another opportunity for NFA to utilize its unparalleled regulatory expertise and systems in the futures industry."

About NFA
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets. Learn more about NFA at www.nfa.futures.org.

About the PHLX
Founded in 1790, the Philadelphia Stock Exchange trades 2,000 stocks, 1,700 equity options, 26 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.